Financial Daily from THE HINDU group of publications
Sunday, Jul 10, 2005
Financial Daily from THE HINDU group of publications Sunday, Jul 10, 2005 |
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Investment World
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Mutual Funds Markets - Mutual Funds Franklin Templeton Mutual Fund Shanthi Venkataraman
IN a bull market such as the present one, it is difficult for mutual funds to pick under-researched stocks that would significantly outperform the markets. Franklin Templeton Mutual Fund manages an equity base of more than Rs 6,500 crore with over 150 stocks spread across various equity fund portfolios. Business Line takes a look at how the fund house re-jigged its portfolio in June. The analysis is based on data from NAV India. The fund house included quite a few mid-cap stocks such as CCL Products, Manugraph India, Panacea Biotech, Polaris Software, Rajasthan Spinning, SKF India and Titan in its portfolios in June . Mahindra & Mahindra was a large-cap stock that found its way into Templeton's portfolio. Templeton chose to exit from a few large-cap stocks such as HDFC Bank, IOC and Tata Steel. It also shed the stocks of GAIL, Gujarat State Fertilisers & Chemicals, Hexaware Technologies, Hindustan Zinc, Sesa Goa, TVS Motor and UltraTech Cement. Exposures were stepped up in several stocks. In stocks such as Scandent Solutions, Matrix Labs, Sundaram Finance, Century Textiles, Tata Coffee, NDTV and Bharti Tele-Ventures, Templeton's total exposure has seen a manifold increase. While analysts' outlook on HLL may vary widely, Templeton appears to be bullish on the stock. Unichem Labs, GE Shipping, Rane Madras, CESC, and Indian Hotels were some of the other stocks in which holdings have seen a significant increase. The fund has cut its holdings by more than a third in Dr Reddys Labs, Deccan Chronicle, Cummins India, McDowell, Amtek Auto, Jet Airways, Sintex Industries, Alstom Projects and Satyam. Large-cap stocks in which holdings remained unchanged include L&T, Wipro, GSK Pharma, Container Corporation and Punjab National Bank. Holdings also remained unchanged in Tata Investment and Kajaria Ceramics; prices of these stocks increased by more than 20 per cent in June. About the fund: Templeton Asset Management was set up in 1996. Templeton India Growth was the first fund to be launched. In July 2002, Franklin Templeton took over Pioneer ITI. Top performing funds such as Franklin India Bluechip and Franklin Prima belong to its stable.
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